Worth making a £3k claim on house insurance?

[TCruise]

Is it worth making a claim for £3k for a lost valuable outside the home on your home insurance? Or will it jack up the premiums forever and end up costing me more in the long run?

Many thanks

Edited by TCruise on Saturday 29th June 12:30

[six wheels]

There’ll surely be some consequence for your premium, and perhaps your postcode.

That may or may not be important to you.

Losing something worth £3k would be a big deal to me. But might not be to you?

[croyde]

I was paying Esure about £350 a year for insurance when we had a water pipe break and a lot of damage done.

The cost to repair was about £12,000 which included a new wooden staircase. Did take them 2 years to sort though.

I went with Aviva whilst Esure were still peeing about, told them about the claim and was surprised to be quoted £280. The next year it was £250.

So if your company ramps up the premium after your claim, just shop around, but they may not raise the price by much.

[Tlandcruiser]

I would claim, otherwise what’s the point in insuring the item? Obviously if the worth is not much more than the excess would I bother, but in this case that wouldn’t be the case

[colin79666]

I'd claim unless you have a crazy high excess.

1 claim isn't going to do too much damage and any premium bump is almost certainly be much less than the amount you get out of it to cover the loss.

[Road2Ruin]

Was the item nominated on your insurance? If not, it may not be covered anyway.
I claimed £1800 for a lost diamond ring (wife lost it, not me) and our premiums went up by about £400 per year, even after shopping around. We did add some more valuables though and increased a few other things, so not all the ring.

[Jasandjules]

Well I can't afford to just replace a 3k item that I had lost sooo I would make a claim, that's what the insurance is for and I pay a hell of a lot for it.

[Flumpo]

I’m guessing unlike car insurance, the question will be has anyone in your HOUSEHOLD made a previous claim? Otherwise you could just set it up in your other half’s name the following year with a different insurer?

[gotoPzero]

Thats the exact sort of thing insurance is for IMO. £500 or something prob not worth it but £1k+ 100% would be claiming.

[TwigtheWonderkid]

I depends largely on how much your insurance is now. If you pay £40K a year for a listed stately home with 27 bedrooms, then it only needs a 10% hike to leave you out of pocket. But if you pay £267.23 for buildings and contents, I doubt claiming is ever going to cost you an extra £3K in premiums. Probably won't cost you £30 in increased premiums.

[guitarcarfanatic]

Claim - it may or may not affect your premiums. You may be surprised how little, there is no set rule or mechanism. But it isn’t going to add loads!

[James6112]

Last year I claimed for a burst water pipe (between street & house), £1800
Made no difference to my renewal.
Then again, 1 less thing to go wrong!

[jonwm]

I've got a breitling covered away from home, never lost it luckily but 2 years ago had a burst pipe, claim was small about £1k, I claimed as used the home emergency option to sort the water

Insurance at renewal was a little bit more, £280 to £320, this year's renewal was £600, best I could get was £509 with claim declared.
Didn't think the claim would make that much difference to be fair.

[InitialDave]

I've made a claim larger than that for a break-in, so the damage done and the items stolen.

No change in the next premium.